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Hopes that JJB Sports’ big American shareholder would come to its rescue appeared to have been dashed yesterday when Dick’s Sporting Goods wrote off the value of its stake and assured its own shareholders that it had “no further funding obligations to JJB”.

The US company stepped into the breach dramatically in April, helping to keep JJB afloat with a cash injection. The investment was a possible precursor to a second investment that would have taken its stake to 61 per cent. In an earnings announcement yesterday, Dick’s said that it had “fully impaired” its investment in JJB, taking a